Formula One Group's (FWONK) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Formula One Group (NASDAQ:FWONK - Free Report) in a research report report published on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a $102.00 target price on the stock.

Several other brokerages have also issued reports on FWONK. Seaport Res Ptn lowered Formula One Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 4th. StockNews.com lowered Formula One Group from a "hold" rating to a "sell" rating in a research report on Monday, November 18th. Wells Fargo & Company raised Formula One Group to a "strong sell" rating in a research report on Friday, February 21st. Finally, Morgan Stanley raised Formula One Group from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $95.00 to $115.00 in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $93.40.

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Formula One Group Price Performance

Shares of NASDAQ FWONK traded up $4.51 during mid-day trading on Wednesday, hitting $96.43. 3,145,350 shares of the stock traded hands, compared to its average volume of 1,260,791. Formula One Group has a twelve month low of $64.37 and a twelve month high of $102.33. The company has a market cap of $23.98 billion, a PE ratio of 83.85 and a beta of 0.11. The firm has a 50 day simple moving average of $94.80 and a two-hundred day simple moving average of $86.12.

Formula One Group (NASDAQ:FWONK - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($1.45). The company had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, equities research analysts anticipate that Formula One Group will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Formula One Group

In other news, CEO Gregory B. Maffei sold 35,463 shares of the business's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $71.53, for a total value of $2,536,668.39. Following the transaction, the chief executive officer now owns 1,240,785 shares in the company, valued at $88,753,351.05. The trade was a 2.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.31% of the company's stock.

Institutional Investors Weigh In On Formula One Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MetLife Investment Management LLC raised its holdings in Formula One Group by 3.0% during the 3rd quarter. MetLife Investment Management LLC now owns 6,946 shares of the company's stock valued at $538,000 after acquiring an additional 203 shares during the period. Janney Montgomery Scott LLC increased its holdings in shares of Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company's stock worth $2,560,000 after purchasing an additional 287 shares during the period. Lountzis Asset Management LLC increased its holdings in shares of Formula One Group by 17.0% in the third quarter. Lountzis Asset Management LLC now owns 5,954 shares of the company's stock worth $461,000 after purchasing an additional 864 shares during the period. Greenwood Gearhart Inc. increased its holdings in shares of Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company's stock worth $16,764,000 after purchasing an additional 4,761 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Formula One Group by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 405,019 shares of the company's stock worth $37,529,000 after purchasing an additional 4,897 shares during the period. Institutional investors own 92.26% of the company's stock.

About Formula One Group

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.